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Nasdaq: Beyond Meat Stock Could Soon Double in Value

2022 was a difficult year for Beyond Meat, as the company battled the forces of historic inflation and a marked slowdown in sales of plant-based meat. But there are growing signs the company may be in the midst of a turnaround –  last week, Beyond revealed a series of strategic moves meant to reverse its declining sales – including hiring a former Red Bull executive as its new head of global marketing, pivoting its retail strategy, and creating a new plant-based nugget for McDonald’s.

In light of these and other developments, some Nasdaq analysts are suggesting Beyond’s stock could potentially double in value in early 2023.

Growing stronger

Since the start of the year, Beyond’s stock price has steadily climbed in value – on Wednesday, its shares outperformed the NASDAQ Composite and Dow Industrial Average, rising 2.85% to $17.68.

According to Nasdaq analysts, Beyond may have significant gain potential following several disappointing quarters in 2022. Similar to companies that posted poor financial returns last year but are now recovering and doubling their YOY performances, Beyond may see strong gains as it embarks on focused strategies to win back consumers. 

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The company’s revenues declined 22% in Q3 in 2022 – and analysts are predicting a 25% Q4 decline when it posts earnings later this month. But potential optimism around Beyond’s new strategy could spark a profitable short squeeze, Nasdaq says, noting the market’s current appetite for risk is high, and the stock’s volatility repels some investors while strongly attracting others. 

While long-term investors must place confidence and trust in Beyond’s management and growth plans, Nasdaq states, the company’s success ultimately depends on winning back favor with consumers by improving its products’ quality and offering more competitive pricing, among other motivational factors.

plant-based Beyond Steak
© Beyond Meat

A new chapter?

Following an overall challenging year for the plant-based industry, could 2023 usher in bold changes?  Recently, Beyond’s chief competitor Impossible Foods announced it would launch a major marketing campaign to increase consumer awareness and drive sales – along with Beyond’s new targeted approaches, these initiatives could potentially make 2023 a year of comebacks for the industry. As adverse economic conditions continue to shape the global food industry, it’s certainly something investors should keep a close watch on.  

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